This project will establish a digital twin of the business ecosystem to enable business insights to be captured. The concept of a digital twin is a virtual copy of a physical entity or object, and concerning the business ecosystem, individual firms will be analysed and identified. Using this data the project seeks to outline four main sections:
Demographics
The demographics of the ecosystem to be able to monitor growth potential, sector operation, emerging technology and products and identify the different characteristics of businesses at different growth trajectories. Understanding the level of risk of failure some firms face will also be a
Risk
Develop key understanding as to what firms are at risk of failure and what national regulations have affected business decisions at a local level. Furthermore, the data should be used to identify cases where failing businesses are being funded and action can be taken to reduce risky investments.
Place and people
Using the data to understand the challenges and benefits that face businesses depending on location. To include variables such as cost of premises, availability of skills and investment assets. Another critical component of place and people data is to understand what interventions may be available to help businesses in the form of investment opportunities and how this affects growth.
Policy
To identify the most pressing policy issues such as business carbon footprint, innovation ready businesses, modelling support infrastructure and other place-based factors such as transportation and available facilities.